Priority Telecom reports results for H103. Priority has improved its EBITDA during the second quarter of 2003, to EUR 5.7 million in the first half of 2003, an improvement compared to the negative EBITDA of EUR 6.2 million during the first half of 2002. Priority Telecom's subsidiary nl.tree, contributed EUR 4.4 million to Priority Telecoms net results. This led to a decrease of net loss from EUR 26.1 million over the first half of 2002 to EUR 18 million over the first half of 2003. Revenue improved slightly during the second quarter of 2003 compared to the first quarter of 2003. Compared to the first half of 2002, revenue was down by EUR 3.6 million in the first half of 2003. The company's operating expenses decreased significantly to EUR 29.3 million in the first half of 2003 compared to EUR 42.2 million in the first half of 2002, a decrease of 30.6%. to a lower growth of revenues than originally anticipated, Priority Telecom expects that the EBITDA targets of EUR 18 to 20 million for the full year as set out in March will not be attained. During the second half of the year, Priority Telecom will continue to focus on maintaining stringent cost controls and margin contribution thresholds.
